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  • Bank Permata CEO to Head Indonesia’s New Wealth Fund

    Bank Permata CEO to Head Indonesia’s New Wealth Fund

    The fund, which currently has around $15 billion in assets, is targeting to grow to $100 billion.

    Ridha Wirakusumah, who has been CEO Indonesia’s Bank Permata since 2017, will become the chief executive officer of the country’s new strategic development sovereign wealth fund, the Indonesia Investment Authority said in an announcement on Tuesday.

    Wirakusamah has held a number of leadership positions in his career, including president and CEO of AIG Consumer Finance Group Asia, Asia Pacific president and CEO at AIG, president CEO for AIG Finance (Hong Kong), head of corporate finance at Banker Trust Indonesia, APAC CEO at General Electric and head of banking at GE Money Asia.

    We want INA to reduce the gap in domestic funding needs and development financing, and provide development financing, especially for national infrastructure,» Indonesia President Joko Widodo said in a briefing on Tuesday.

    The Indonesia Investment Authority’s slate of executives includes Arief Budiman, a former director of oil and gas giant Pertamina, who will serve as deputy CEO. Also joining the fund is Stefanus Ade Hadiwidjaja, previously with private equity firm Creador Capital Group, who will be director of investment.

    Marita Alisjahbana of Citibank Indonesia will be director of risk, while Eddy Porwanto, formerly the chief financial officer of flag carrier Garuda Indonesia, joins as director of finance, the announcement said.

  • Owners Agree Lower Sale Price for Bank Permata

    Owners Agree Lower Sale Price for Bank Permata

    The two partners will lower the purchase price of the Indonesian bank to 1.63 times Permata’s shareholders’ equity as at March, from 1.77 times the equity.

    Standard Chartered and partner Astra International have agreed to sell their stake combined 89.1 percent stake in Bank Permata to Bangkok Bank at a reduced price if the sale closes before the end of June, Standard Chartered said on Monday.

    This would bring the total amount payable to each stakeholder to 17 trillion Indonesian rupiah ($1.13 billion), based on 1.63 times book value as at December 31, 2019.

    In December, Standard Chartered said it was selling its 44.56 percent stake in the Jakarta-based lender for $1.3 billion, which would be used to fund some of its restructuring over the next three years. Bangkok Bank also acquired a stake of the same size from Astra, a 50.1-per cent subsidiary of Singapore-listed Jardine Cycle & Carriage.

    Permata operates about 330 branches across 62 cities in Indonesia, where it is the country’s 12th-largest lender by assets.

    Bangkok Bank said the acquisition would help it diversify and grow away from its maturing home market. Indonesia is also one of Asia’s fastest-growing economies and has favourable demographics at a time of growing economic integration in Southeast Asia, it said.

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  • Bangkok Bank Snaps Up Bank Permata

    Bangkok Bank Snaps Up Bank Permata

    Bangkok Bank emerges as the buyer of PT Bank Permata after Singapore’s DBS and OCBC reportedly backed out from bidding. Thailand’s second-largest lender Bangkok Bank bought Permata for about $2.7 billion to obtain a near 90 percent stake from Standard Chartered and PT Astra. The deal, which was advised by Morgan Stanley, was valued at 1.77 times Permata’s book value.

    According to a Bangkok Bank release, it found the acquisition attractive due to Permata’s «leading retail deposit franchise and best-in-class digital capabilities» with more than 300 branches in 60 cities in Indonesia.

    According to a filing, the acquisition is part of Bangkok Bank’s strategic transformation to become a regional lender, describing Indonesia as a «highly attractive and fast-growing market”.

    International expansion is our key strategy,» said Piti Sithi-Amnuai, chairman of Bangkok Bank. «Indonesia, in particular, is a key focus for us, as it is one of the fastest-growing major economies in Asia with highly attractive macroeconomic fundamentals, favorable demographics, and increasing ASEAN regional integration.

    Standard Chartered had signaled its intention to dispose of the stake in February, as it was no longer core to its strategy, and the funds raised from the sales could be used to further its share repurchase program which has already returned $1 billion.

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  • Thai Lender Emerges as Contender for Bank Permata

    Thai Lender Emerges as Contender for Bank Permata

    Indonesia, forecast to grow at 5 percent in 2020, offers growth potential for Bangkok Bank, which is looking for a new market in the region.

    Bangkok Bank is said to have emerged as the frontrunner for Bank Permata, Standard Chartered’s Indonesia bank, citing people familiar with the matter.

    The bank is said to be competing with Japan’s Sumitomo Mitsui Financial Group in the race for a 90-percent stake in Bank Permata in a deal worth $2.3 billion, and a winner could emerge as soon as next week.

    Bank Permata’s current major shareholders include Standard Chartered (45 percent) and PT Astra International (45 percent).

    In February, Standard Chartered signaled that its Permata investment is no longer considered core. Permata Bank reported net income of 711.4 billion rupiah ($50.7 million) for the first half of 2019, a significant jump from 288.8 billion rupiah a year before.

    Singapore banks DBS and OCBC are reportedly interested in the deal, though Indonesia’s Financial Services Authority has called SMFG the «most serious bidder.

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  • SMFG, OCBC Join Bidding War for Bank Permata

    SMFG, OCBC Join Bidding War for Bank Permata

    Sumitomo Mitsui Financial Group and OCBC Group are believed to be readying their offers to compete for the acquisition of Indonesian lender PT Bank Permata.

    The two banks have separately conducted due diligence on Permata in the past several months, citing unnamed sources. This follows recent reports that OCBC was still making considerations on whether or not to submit a bid.

    The two banks earmarked as the frontrunners for the deal but DBS and other Southeast Asian lenders were also reportedly interested in Permata. At least two parties will be shortlisted for the final round, the report continued, with Bank Permata seeking a valuation exceeding 1.6 times book value.

    Currently, Standard Chartered and PT Astra International each own a 45 percent stake in Permata, a mid-sized lender with a 320-strong branch network in Indonesia.

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